Solana.
Senior tranche
Target a fixed-style return, cushioned by the junior capital sitting beneath you. Built for treasuries, stablecoin holders, and anyone who wants income they can model.
USD*~8.5% APY
The risk layer of Solana
Build Wealth on
Autopilot
Perena turns a single pool of stablecoin capital into structured credit, with senior and junior tranches issued against the same portfolio.
Trusted by
Fully audited, running
publicly onSolana.
Risk is controlled through cross-platform allocation. USD* is never exposed to a single point of failure.
USD*
Know what you're holding
Ownership of a diversified, pooled stablecoin portfolio
Earns by default
Liquid and composable across Solana
Deposit
Buy USD STAR (USD*) and let your money grow automatically.
USD*
--
Grow
Expect 10-15% annual return with our carefully curated strategies.
--
Withdraw
Withdraw your money at any time.
USD STAR (USD*) is fully liquid.
'%3e%3cpath%20d='M9.98814%2020C15.516%2020%2019.9763%2015.5241%2019.9763%2010.0118C20%204.47585%2015.516%200%209.98814%200C4.48398%200%200%204.47585%200%209.98822C0%2015.5241%204.48398%2020%209.98814%2020Z'%20fill='%236B40E0'/%3e%3cpath%20d='M15.7077%206.62528C15.761%206.62113%2015.8144%206.61762%2015.8679%206.61475C15.8393%206.66186%2015.8102%206.70862%2015.7806%206.75501C15.1743%207.70585%2014.3569%208.50349%2013.4019%209.07365C12.4778%209.62529%2011.4416%209.95617%2010.3886%2010.0381C10.3352%2010.0423%2010.2818%2010.0458%2010.2284%2010.0487C10.257%2010.0015%2010.286%209.95478%2010.3156%209.90839C10.9219%208.95755%2011.7394%208.15991%2012.6943%207.58975C13.6184%207.03811%2014.6546%206.70723%2015.7077%206.62528Z'%20fill='white'/%3e%3cpath%20d='M10.0671%209.90846C10.0416%209.95573%2010.0157%2010.0028%209.9893%2010.0496C9.96472%2010.0035%209.9406%209.95712%209.91694%209.9105C9.41761%208.92654%209.12582%207.82652%209.13907%206.70242C9.15292%205.52673%209.46753%204.32163%2010.0402%203.27361C10.0656%203.2271%2010.0915%203.18089%2010.118%203.13501C10.1429%203.18004%2010.1673%203.22537%2010.1912%203.27099C10.7064%204.25332%2010.9889%205.36898%2010.9899%206.49984C10.991%207.68234%2010.637%208.85281%2010.0671%209.90846Z'%20fill='white'/%3e%3cpath%20d='M9.69125%209.92065C9.11821%208.98566%208.303%208.19632%207.3821%207.66346C6.46243%207.1313%205.42396%206.83199%204.36196%206.79047C4.30903%206.7884%204.25605%206.78697%204.20301%206.78618C4.22962%206.83215%204.25681%206.87778%204.28457%206.92308C4.85764%207.85808%205.67303%208.64752%206.59373%209.18027C7.5132%209.71231%208.55185%2010.0117%209.61387%2010.0533C9.6668%2010.0553%209.71978%2010.0568%209.77282%2010.0575C9.74621%2010.0116%209.71902%209.96594%209.69125%209.92065Z'%20fill='white'/%3e%3cpath%20d='M9.71064%2010.265C8.62702%2010.3363%207.55147%2010.6363%206.6041%2011.2071C5.64184%2011.787%204.82085%2012.5986%204.2164%2013.5645C4.18782%2013.6101%204.15973%2013.6561%204.13213%2013.7025C4.18444%2013.7009%204.23674%2013.6987%204.28901%2013.6959C5.35028%2013.6388%206.39965%2013.3292%207.34103%2012.7929C8.33618%2012.226%209.15578%2011.374%209.7828%2010.3955C9.81241%2010.3493%209.84158%2010.3029%209.87032%2010.2561C9.81708%2010.2585%209.76385%2010.2615%209.71064%2010.265Z'%20fill='white'/%3e%3cpath%20d='M9.91213%2010.6159C9.93702%2010.5653%209.96252%2010.515%209.98865%2010.4648C10.0129%2010.5142%2010.0364%2010.5639%2010.0594%2010.6138C10.943%2012.5328%2010.9044%2014.7727%209.9491%2016.7139C9.92422%2016.7645%209.89872%2016.8148%209.8726%2016.865C9.84839%2016.8156%209.8248%2016.7659%209.80183%2016.716C8.91803%2014.7968%208.95692%2012.5566%209.91213%2010.6159Z'%20fill='white'/%3e%3cpath%20d='M10.1092%2010.2522C10.1358%2010.2975%2010.1628%2010.3425%2010.1903%2010.3873C10.7544%2011.3065%2011.4984%2012.1023%2012.4505%2012.6532C13.4036%2013.2047%2014.5196%2013.4722%2015.6243%2013.4927C15.6769%2013.4937%2015.7295%2013.4941%2015.7821%2013.4939C15.7553%2013.4486%2015.7282%2013.4035%2015.7006%2013.3586C15.1369%2012.4428%2014.3932%2011.6373%2013.4381%2011.0846C12.4815%2010.5311%2011.3749%2010.2711%2010.2666%2010.2531C10.2141%2010.2523%2010.1616%2010.2519%2010.1092%2010.2522Z'%20fill='white'/%3e%3c/g%3e%3cdefs%3e%3cclipPath%20id='clip0_3637_24311'%3e%3crect%20width='20'%20height='20'%20fill='white'/%3e%3c/clipPath%3e%3c/defs%3e%3c/svg%3e)
USD*
Withdraw
Tranche
Perena doesn't remove risk. It structures it.
- One pool issues senior and junior tranches against the same portfolio
- Senior is paid first; junior takes first loss and keeps the upside
- A code-enforced waterfall allocates value automatically, every epoch
Protected tranche
Target a defined return, backed by both the junior buffer and additional protocol reserves that reimburses losses up to its capacity. Built for holders who'll trade some yield for a deeper floor.
USD* Protected~5% APY
Junior tranche
Absorb losses first and receive everything the pool earns above the senior target: levered exposure to performance. Built for underwriters and yield seekers who want convexity and understand the trade.
USD* Junior~16% APY
RWA Marketplace
Coming soonExtend the stack. Real-world yield, structured into tranches.
- An inventory layer of RWA strategies that feed new pools
- Lets issuers distribute their own structured products through the same tranche mechanic
- Access curated real-world yield opportunities in one place
How it clicks together
One pool. Multiple risk profiles. One engine.
One NAV engine.
Many structured products.
That's the risk layer.
- 1
USD* is the base
Diversified stablecoin capital, pooled into a single yield-bearing asset.
- 2
Tranches structure it
The tranche engine issues senior and junior claims against that pool — so one portfolio becomes a fixed-style product and a levered product at the same time.
- 3
The marketplace extends it
Coming soonNew real-world strategies feed the pool, and issuers distribute through the same tranches.
Built with the people building on-chain money
Borderless
YZi Labs
Primitive
Breed
Maelstrom
mitonC
Anagram
Bloomberg
Blockworks
Build with Perena
Distribute structured
credit without building
the machineryDistribute structured credit without building the machinery
Issue senior and junior claims against your strategy on infrastructure that handles the accounting for you. NAV-based valuation, concentration limits, high-water-mark fees, scoped operational authority, and an execution boundary that constrains what the vault can touch.